Oil Production in Brazil fell 6% Year-on-Year in The First Quarter

Figures from Brazil’s National Petroleum Agency showed that oil production in the South American country fell by 6% in Q1 of this year

Compared to the same period last year, in large part due to a decline in production from the state-owned oil giant Petrobras.

According to agency data, seen by Reuters on Monday, Brazil produced an average of about 2.8 million barrels per day in the first three months of the year, compared with about 3 million barrels per day in the first quarter of 2020.

According to agency figures, Petroleum Brasilero, officially known as Petrobras, produced 2.1 million barrels per day in Q1, down 5%.

Petrobras accounts for about 75% of all oil production in Brazil.